In a fresh development, the total number of smart contracts running on Cardano Plutus has jumped by 300% year-to-date.
By Bhushan Akolkar
Updated
2 mins read
On Monday, November 28, AdaSwap, the ecosystem builder responsible for one of the first decentralized exchanges (DEXs) on the Cardano blockchain, went live on the mainnet.
AdaSwap is one of the first projects to launch atop the Milkomedia Network. It is a novel protocol that brings EVM capabilities to blockchain networks of the likes of Cardano. AdaSwap launched its testnet version earlier this year in June. The official announcement from AdaSwap reads:
“After an intense 2 years of growth and building AdaSwap is happy to announce the launch of our DEX in mainnet! This is not the 1st big accomplishment of ours but it is definitely the most exciting!”
In the past, the decentralized exchange AdaSwap was endorsed by “Wonder Woman” star Gal Gadot. The Israeli actress called it an exciting investment opportunity. Besides, the AdaSwap project has also secured backing from some of the popular VC firms such as Finova Capital and Banter Capital.
As of press time, Cardano’s native crypto ADA is trading 2% up at a price of $0.31 and a market cap of $10.7 billion. The ADA cryptocurrency continues to occupy a spot in the list of top ten digital assets by market cap.
The total number of smart contracts deployed on the Cardano blockchain has grown significantly since their introduction. As of November 27, Cardano’s Plutus smart contracts platform was running a total of 3,811 distinct smart contracts.
At the beginning of the year, there were 927 smart contracts running on the Plutus platform. thus, this marks a staggering 300% jump so far this year. Dr. Martin Hiesboeck, head of research at UpHold, stated:
“As per data collected from #Cardano Blockchain Insights, the total number of smart contracts based on Plutus, a smart contracts platform by Cardano, stood at 3,791. The value represented a growth of 300% or 2,844 in 2022 after recording 947 smart contracts on 1 January”.
The growth in the number of smart contracts on Cardano follows more network developments. Furthermore, Cardano also unveiled its development report for the last week wherein it noted that “the Plutus team worked on increasing script capacity, the Plutus Debugger MVP, and finalized the implementation of full Babbage support in the Plutus tools prior to its release”.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
